Art Market Analysis: Influences on Value
There are many factors which determine the value of an artists work but the main influence is the career progression of the artist. One of the big differences between classical art and contemporary art is the way in which an artist gains their reputation and furthers their career.
The status of a classical artist mostly depended on their artistic ability to reproduce detail and likeness as accurately as possible whereas with contemporary art an artists status can be affected by their ability to break new ground, their ability to respond to peoples obsession with popular culture and the media, the edginess of their work, or an ability to excite the senses and stimulate emotions in new and challenging ways, and the list goes on.
There is no doubt that the swift progression of the contemporary art market and its variety of influences has made it more difficult for investors to try and predict the next big thing although it has also meant that there is more potential for quicker, larger returns for those willing to take on more risk.
There are plenty of opportunities for all types of investors so it is important to understand the different areas of the market so that you are able to make a decision as to which area is best for you.